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This trade is closed. See the result here.
7 out of 9 winners, and hopefully here’s another one folks. Were going to catch a short term reversal here on a double bottom resitance play.
Play: Buy the CAD/JPY (Current Price 76.65 at 3:45 PM EST GMT -5)
Stop Loss: 100 pips
Profit goal: 30-100 pips (If you reach 100 pips, set a trailing stop if you want a longer trade)
I think the CAD/JPY is going to have breaking through the 76.30 barrier as it has in the recent past. I know nothing about the long term trend, so buy the reversal and then get out. The 100 pip stop loss will catch us if the trade goes sour and the resistance is broken. Good luck, and good trading.
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Wed, Nov 19, 2008
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